Lions Gate Entertainment Corp. scored a significant legal victory Wednesday as a New York State Supreme Court judge dismissed a lawsuit brought against the company by its largest shareholder, Carl Icahn. Icahn filed suit last year over a controversial debt-for-equity swap that diluted his holdings and made it more difficult for him to seize control of the Santa Monica film and television studio. Also named as defendants in the suit were the company's board of directors and investors Mark Rachesky and John Kornitzer.

Santa Monica-based Lions Gate Entertainment is laying off about 80 people in the wake of its acquisition of Summit Entertainment, a source familiar with the matter said. In a move to bolster its film and TV library and better compete with larger studios, Lions Gate agreed in January to acquire Santa Monica-based Summit Entertainment, producer of the hit young-adult "Twilight" franchise, for $412.5 million in cash and stock. Layoffs at both companies were anticipated as they merged their motion picture and home entertainment operations.

Delivering on his threat to seize control of Lions Gate Entertainment Corp., Carl Icahn said Tuesday that he would launch a proxy war against the Santa Monica film and television studio. The activist investor, currently the company's second-largest shareholder, has been waging a public battle against Lions Gate's management for more than a year. On Tuesday, he extended his $7-a-share bid for the third time, to June 16, and dropped the requirement that a minimum number of shares must be tendered for his offer to take effect.

Combining Hollywood's two biggest independent film studios and the blockbuster young adult franchises "Twilight" and "The Hunger Games" into one powerful entity, Lions Gate Entertainment has agreed to acquire Summit Entertainment for $412.5 million in cash and stock. The two Santa Monica companies have engaged in on-and-off merger talks since late 2008 as Lions Gate sought to bolster its library of film and TV properties and Summit's investors tried to cash in on the lightning-in-a-bottle success of the "Twilight" movie series, which has grossed $2.5 billion worldwide over four films.

Lions Gate Entertainment said Tuesday that it has agreed to acquire independent film and video company Trimark Holdings Inc. for $50 million in cash and stock. Lions Gate also will assume $35 million in Trimark debt. Under the $10-a-share deal, Trimark stockholders will receive $4.50 in cash and two Lions Gate shares for each Trimark share. The acquisition of Marina del Rey-based Trimark, parent of Trimark Pictures, by Lions Gate has been expected.

Dissident shareholder Carl Icahn said he views a potential merger between Lions Gate Entertainment and Metro-Goldwyn-Mayer as very problematic given the troubles at both studios, though he stopped short of saying he would oppose a deal "if it made sense." Lions Gate, as reported, has approached the management of financially troubled MGM about merging the two studios into a single company that would be run by executives at Lions Gate. MGM's debt holders also are weighing other options, including handing operations of the studio over to Spyglass Entertainment or Summit Entertainment as part of a financial restructuring.

Carl Icahn still wants to see Hollywood's two lions get married. The billionaire investor has been quietly accumulating more shares in Metro-Goldwyn-Mayer Inc. and Lions Gate Entertainment Corp. as he continues to seek a merger of the two independent studios. Since MGM and its roaring lion logo emerged from bankruptcy in December, Icahn has increased his holdings to about 20% from 15%, according to people familiar with the matter who were not authorized to speak about the company's financial details.

Lions Gate Entertainment Corp., the largest independent U.S. film studio, bought a minority stake in the distributor of such documentaries as "Super Size Me." The investment in Los Angeles-based Roadside Attractions is passive, Lions Gate said. Financial terms weren't disclosed.

Lions Gate Entertainment Corp., the largest independent U.S. film studio, confirmed it would work with Grupo Televisa, the biggest Spanish-language broadcaster, to enter the Latin American market. The companies will co-produce films and television programs in the U.S. and in Mexico, Lions Gate Chief Executive Jon Feltheimer said. Terms of the agreement, reported last month by The Times, weren't disclosed.

Bringing Hollywood's two biggest independent film studios and the blockbuster young adult franchises "Twilight" and "The Hunger Games" into one powerful entity, Lions Gate Entertainment has agreed to acquire Summit Entertainment for $412.5 million in cash and stock. The two Santa Monica-based companies have engaged in on-and-off merger talks since late 2008 as Lions Gate has sought to bolster its library of film and TV properties and Summit's investors have tried to find a way to cash in on the lightning-in-a-bottle success of its "Twilight" movie series, which has grossed $2.5 billion worldwide over four films.

Lions Gate Entertainment is putting the finishing touches on a deal to acquire rival independent studio Summit Entertainment in a deal worth about $700 million, according to several people with knowledge of the matter who were not authorized to speak publicly. The agreement, expected to be announced within days, would bring together the studio behind "Saw," "Mad Men" and the upcoming "The Hunger Games" with the maker of the hugely successful "Twilight" films.

Lions Gate Entertainment and Summit Entertainment are back in merger talks that would combine two of Hollywood's largest independent studios, according to people with knowledge of the negotiations who are not authorized to speak publicly. Should a deal be consummated, it would bring together one of the movie industry's most successful young adult franchises, Summit's "Twilight," with one of the most highly anticipated new series, "The Hunger Games," from Lions Gate. The two companies, headquartered around the block from each other in Santa Monica, have held on-and-off merger talks since late 2008 but were unable to resolve key issues of price and management control.

In "The Hunger Games," 24 teenagers fight to the death in a tournament whose slogan is "May the odds be ever in your favor. " Executives at Lions Gate Entertainment are hoping those words will ring true for them as they gamble on the most anticipated literary adaptation to hit Hollywood since "Twilight" and "Harry Potter. " The first of four planned "Hunger Games" films, based on Suzanne Collins' bestselling trilogy, wrapped production in North Carolina on Saturday and will hit theaters March 23. A successful "Hunger Games" franchise could transform the studio, much as "Twilight" did rival Summit Entertainment, by providing reliable income for years from box-office, DVD and digital sales as well as television licensing and merchandise.

Carl Icahn still wants to see Hollywood's two lions get married. The billionaire investor has been quietly accumulating more shares in Metro-Goldwyn-Mayer Inc. and Lions Gate Entertainment Corp. as he continues to seek a merger of the two independent studios. Since MGM and its roaring lion logo emerged from bankruptcy in December, Icahn has increased his holdings to about 20% from 15%, according to people familiar with the matter who were not authorized to speak about the company's financial details.

Lions Gate Entertainment Corp. scored a significant legal victory Wednesday as a New York State Supreme Court judge dismissed a lawsuit brought against the company by its largest shareholder, Carl Icahn. Icahn filed suit last year over a controversial debt-for-equity swap that diluted his holdings and made it more difficult for him to seize control of the Santa Monica film and television studio. Also named as defendants in the suit were the company's board of directors and investors Mark Rachesky and John Kornitzer.

September 18, 2010 | By Ben Fritz and Claudia Eller, Los Angeles Times

Carl Icahn's appetite for Hollywood is growing beyond Lions Gate Entertainment. The activist investor is once again quietly buying up debt in Metro-Goldwyn-Mayer, people familiar with the situation said. He also has amassed a substantial amount of debt in troubled home-video chain Blockbuster Inc. Icahn had accumulated and then sold debt in MGM earlier this year. In the last few weeks he has acquired what one person close to the situation described as a single-digit percentage in the studio's nearly $4 billion worth of debt.